I was told by my mortgage loan officer I qualify for a second home conventional 90% LTV mortgage. I recently found a cabin on 5.25 acres. The own also owns 4.42 acres adjacent to the cabin which he is willing to sell also, for a total of 9.67 acres.
My loan officer told me that even if the seller went through the process of re-platting the property to legally combine the 2 plots, it would not fall into Fannie Mae guidelines because it would have too much land.
Is that true? Is there a maximum number of acres eligible for a conventional loan?